Canadian stocks may open higher Tuesday amid firm commodities and on positive cues from the global equity markets. While most Asian markets ended higher overnight, European stocks were in the positive territory as traders overlooked concerns about the Spanish banking sector.
Meanwhile, quarterly earnings from lender Scotiabank that came in line with estimates might help lift trader sentiment.
U.S. stock futures were pointing to a higher open.
On Monday, the S&P/TSX Composite Index snapped its four session winning streak to ease 10.32 points or 0.09 percent to 11,566.15.
The price of crude oil was ticking higher Tuesday morning amid a steady U.S. dollar as traders await cues from this week's economic data.
The price of gold was moving higher Tuesday morning even as the U.S. dollar was steady versus a basket of currencies with traders focusing on the developments in Greece.
In corporate news from Canada, Scotiabank (BNS.TO) reported lower second-quarter net income of C$1.34 billion or C$1.15 per share versus C$1.53 billion or C$1.39 per share last year. Adjusted earnings per share fell to C$1.18 from C$1.41 in the prior-year quarter. Analysts were expecting the bank to report earnings of C$1.15 per share
Kinross Gold Corp. (K.TO) said it would divest its 50 percent interest in the Crixas gold mine, Brazil, to AngloGold Ashanti for gross cash proceeds of $220 million.
Iberian Minerals Corp. (IZN.V) slipped into the red in the first quarter, reporting net loss of $12.3 million or $0.02 per share, compared to net income of $30.2 million for the year-ago quarter.
In economic news from the euro zone, Germany's import price inflation slowed for the seventh consecutive month in April, data released by the Federal Statistical Office showed. The import price index increased 2.3 percent on an annual basis in April, slower than the 3.1 percent growth seen in March. The rate of growth slowed regularly since September 2011. Excluding crude oil and mineral oil products, the import price inflation was 1.4 percent during the month, data showed.
by RTT Staff Writer
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